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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 25, 2021
Or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number 000-06217
intc-20210925_g1.jpg
INTEL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware94-1672743
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2200 Mission College Boulevard, Santa Clara, California95054-1549
(Address of principal executive offices)(Zip Code)
(408) 765-8080
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.001 par valueINTCNasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer  Non-accelerated filer  Smaller reporting company Emerging growth company  

¨¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
As of September 25, 2021, the registrant had outstanding 4,067 million shares of common stock.



Table of Contents
The Organization of Our Quarterly Report on Form 10-Q
The order and presentation of content in our Form 10-Q differs from the traditional SEC Form 10-Q format. Our format is designed to improve readability and better present how we organize and manage our business. See "Form 10-Q Cross-Reference Index" within Other Key Information for a cross-reference index to the traditional SEC Form 10-Q format.
We have defined certain terms and abbreviations used throughout our Form 10-Q in "Key Terms" within Consolidated Condensed Financial Statements and Supplemental Details.
The preparation of our Consolidated Condensed Financial Statements is in conformity with U.S. GAAP. Our Form 10-Q includes key metrics that we use to measure our business, some of which are non-GAAP measures. See "Non-GAAP Financial Measures" within MD&A for an explanation of these measures and why management uses them and believes they provide investors with useful supplemental information.
Page
Forward-Looking Statements
A Quarter in Review
Consolidated Condensed Financial Statements and Supplemental Details
Consolidated Condensed Statements of Income
Consolidated Condensed Statements of Comprehensive Income
Consolidated Condensed Balance Sheets
Consolidated Condensed Statements of Cash Flows
Consolidated Condensed Statements of Stockholders' Equity
Notes to Consolidated Condensed Financial Statements
Key Terms
Management's Discussion and Analysis
Segment Trends and Results
Consolidated Results of Operations
Liquidity and Capital Resources
Non-GAAP Financial Measures
Other Key Information
Quantitative and Qualitative Disclosures about Market Risk
Risk Factors
Controls and Procedures
Issuer Purchases of Equity Securities
Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934
Exhibits
Form 10-Q Cross-Reference Index










Table of Contents

Forward-Looking Statements
This Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. Words such as "anticipate," "expect," "intend," "plan," "goal," "forecast," "opportunity," "future," "scheduled," "pending," "to be," "believes," "estimated," "continue," "likely," "may," "might," "potentially," "will," "would," "should," "could," “accelerate,” "upcoming," "next-generation," "roadmap," "position," and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to Intel’s strategy; manufacturing expansion plans; investment plans, and impacts of investment plans; future responses to and effects of COVID-19; projections of our future financial performance, including future gross margins, capital expenditures, and cash flows; projections of future demand, including the impact of regulatory changes and conditions; our anticipated growth and trends in our businesses or operations; projected growth and trends in markets relevant to our businesses; business plans; future products and technology and the expected availability and benefits of such products and technology, including future process nodes and technologies, future product architectures, our announcements at our Intel Accelerated and Architecture Day events, and process technology and product leadership goals; expected timing and impact of acquisitions, divestitures, and other significant transactions, including statements relating to the pending divestiture of our NAND memory business to SK hynix Inc. (SK hynix), NAND manufacturing and supply arrangements between Intel and SK hynix, and expected additions to held for sale NAND property, plant and equipment; availability, uses, sufficiency, and cost of capital, capital resources, and funding sources, including expected returns to stockholders such as dividends; accounting estimates and judgments regarding reported matters, events, and contingencies and our intentions with respect to such matters, events, and contingencies, and the actual results thereof; future production capacity and product supply; anticipated trends and impacts related to industry component and substrate shortages; the future purchase, use, and availability of, and payment for, products, components and services supplied by third parties; tax-related expectations; our role in the Rapid Assured Microelectronics Prototypes - Commercial program; expectations regarding our relationships with certain sanctioned parties; uncertain events or assumptions; and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on management's expectations as of the date of this filing, unless an earlier date is specified, and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include those described throughout this report, our 2020 Form 10-K and subsequent Form 10-Qs, particularly the "Risk Factors" sections of such reports, and our other SEC filings. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Readers are urged to carefully review and consider the various disclosures made in this Form 10-Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. Unless specifically indicated otherwise, the forward-looking statements in this Form 10-Q do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this filing. In addition, the forward-looking statements in this Form 10-Q are made as of the date of this filing, unless an earlier date is specified, including expectations based on third-party information and projections that management believes to be reputable, and Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.















Intel, the Intel logo, Intel Core, Intel Evo, Intel Optane, and Xeon are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries.
* Other names and brands may be claimed as the property of others.
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Table of Contents

A Quarter in Review
Total revenue of $19.2 billion was up $859 million year over year as DCG grew 10% and CCG decreased 2%. DCG revenue increased on higher platform volume and higher platform ASPs due to strong recovery in enterprise and government, and stronger core mix, partially offset by lower revenue in the cloud service providers market segment compared to a strong, COVID-driven Q3 2020. CCG revenue was down due to lower notebook volume in consumer and education due to industry-wide component shortages, and down on adjacent revenue primarily driven by continued ramp down of our 5G smartphone modem business, partially offset by higher platform ASPs and by increased desktop volume. IOTG and Mobileye were both up primarily on higher demand amid recovery from the economic impacts of COVID-19.
RevenueOperating IncomeDiluted EPSCash Flows
GAAP $B Non-GAAP $B
GAAP $B Non-GAAP $B
GAAP Non-GAAP
Operating Cash Flow $B
Free Cash Flow $B
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$19.2B$18.1B$5.2B$5.2B$1.67$1.71$24.2B$12.6B
GAAP
non-GAAP1
GAAP
non-GAAP1
GAAP
non-GAAP1
GAAP
non-GAAP1
Revenue up $859M or 4.7% from Q3 2020Revenue up $821M or 4.8% from Q3 2020Operating income up $168M or 3% from Q3 2020; Q3 2021 operating margin at 27%Operating income down $49M or 1% from Q3 2020; Q3 2021 operating margin at 29%Diluted EPS up $0.65 or 64% from Q3 2020Diluted EPS up $0.63 or 59% from Q3 2020Operating cash flow down $1.3B or 5% from YTD Q3 2020Free cash flow down $2.5B or 16% from YTD Q3 2020
Higher revenue in DCG, IOTG, Mobileye and PSG, partially offset by declines in CCG and NSG. Non-GAAP revenue excludes NSG.
Higher gross margin from higher platform2 revenue partially offset by higher operating expenses from additional investment, higher period charges from ramp of process technology, and absence of sell-through on reserved non-qualified platform products compared to Q3 2020. Non-GAAP operating income excludes NSG, amortization of acquisition-related intangibles, and restructuring.
Higher EPS driven by McAfee special dividend, lower effective tax rate, and lower shares. Non-GAAP results incrementally exclude ongoing mark-to-market adjustments, and tax impacts of non-GAAP adjustments.
Lower operating cash flow driven by a decrease in net working capital contributions and cash paid to settle a prepaid supply agreement in Q1 2021, partially offset by a McAfee special dividend received in Q3 2021. Free cash flow decreased due to lower operating cash flow and higher capital expenditures.
Key Developments
In July 2021, we provided an update on our manufacturing process and packaging technology roadmaps at our Intel Accelerated event. As part of the update, we also introduced a new naming structure for our manufacturing process nodes, which includes the name changes summarized in Key Terms2. We introduced additional future nodes, including Intel 3 and Intel 20A, and discussed future process and packaging technologies, such as our PowerVia, RibbonFET, Foveros Omni, and Foveros Direct technologies.
At Intel Architecture Day 2021, we detailed our architectural innovations to meet increasing demand for computing performance and set the stage for new generations of leadership products. We provided details on two new x86 CPU architectures, our first performance hybrid architecture and our Intel® Thread Director intelligent workload scheduler; our next-generation data center processor Sapphire Rapids; infrastructure processing unit architecture; and upcoming graphics architectures, which will power our upcoming Alchemist SoC for client discrete graphics and Ponte Vecchio SoC for high-performance computing applications.
In August 2021 it was announced that Intel Foundry Services will lead the first phase of the U.S. Department of Defense's multi-phase Rapid Assured Microelectronics Prototypes - Commercial program to facilitate the use of a domestic commercial foundry infrastructure.
1 See "Non-GAAP Financial Measures" within MD&A.
2 See "Key Terms" within Consolidated Condensed Financial Statements and Supplemental Details.

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A Quarter in Review
2

Table of Contents

Consolidated Condensed Statements of Income
 Three Months EndedNine Months Ended
(In Millions, Except Per Share Amounts; Unaudited)
Sep 25, 2021Sep 26, 2020Sep 25, 2021Sep 26, 2020
Net revenue$19,192 $18,333 $58,496 $57,889 
Cost of sales8,446 8,592 25,690 25,625 
Gross margin10,746 9,741 32,806 32,264 
Research and development3,803 3,272 11,141 9,901 
Marketing, general and administrative1,674 1,435 4,601 4,423 
Restructuring and other charges42 (25)2,597 146 
Operating expenses5,519 4,682 18,339 14,470 
Operating income5,227 5,059 14,467 17,794 
Gains (losses) on equity investments, net1,707 56 2,370 212 
Interest and other, net(76)(74)(328)(416)
Income before taxes6,858 5,041 16,509 17,590 
Provision for taxes35 765 1,264 2,548 
Net income$6,823 $4,276 $15,245 $15,042 
Earnings per share—basic$1.68 $1.02 $3.76 $3.55 
Earnings per share—diluted$1.67 $1.02 $3.73 $3.52 
Weighted average shares of common stock outstanding:
Basic4,061 4,188 4,055 4,233 
Diluted4,086 4,211 4,089 4,269 
See accompanying notes.
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Financial Statements  Consolidated Condensed Statements of Income
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Consolidated Condensed Statements of Comprehensive Income
Three Months Ended
Nine Months Ended
(In Millions; Unaudited)
Sep 25, 2021Sep 26, 2020Sep 25, 2021Sep 26, 2020
Net income$6,823 $4,276 $15,245 $15,042 
Changes in other comprehensive income, net of tax:
Net unrealized holding gains (losses) on derivatives(46)206 (390)257 
Actuarial valuation and other pension benefits (expenses), net13 11 38 34 
Translation adjustments and other(19)(5)(44)49 
Other comprehensive income (loss)(52)212 (396)340 
Total comprehensive income$6,771 $4,488 $14,849 $15,382 
See accompanying notes.
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Financial Statements  Consolidated Condensed Statements of Comprehensive Income
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Consolidated Condensed Balance Sheets
(In Millions)
Sep 25, 2021Dec 26, 2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents$7,870 $5,865 
Short-term investments4,004 2,292 
Trading assets22,761 15,738 
Accounts receivable8,400 6,782 
Inventories9,798 8,427 
Assets held for sale6,398 5,400 
Other current assets2,073 2,745 
Total current assets61,304 47,249 
Property, plant and equipment, net of accumulated depreciation of $83,424 ($77,645 as of December 26, 2020)59,733 56,584 
Equity investments6,050 5,152 
Other long-term investments953 2,192 
Goodwill26,786 26,971 
Identified intangible assets, net7,684 9,026 
Other long-term assets5,452 5,917 
Total assets$167,962 $153,091 
Liabilities and stockholders’ equity
Current liabilities:
Short-term debt$4,694 $2,504 
Accounts payable6,792 5,581 
Accrued compensation and benefits4,026 3,999 
Other accrued liabilities14,060 12,670 
Total current liabilities29,572 24,754 
Debt35,610 33,897 
Contract liabilities 62 1,367 
Income taxes payable4,223 4,578 
Deferred income taxes3,019 3,843 
Other long-term liabilities5,389 3,614 
Contingencies (Note 13)
Stockholders’ equity:
Common stock and capital in excess of par value, 4,067 issued and outstanding (4,062 issued and outstanding as of December 26, 2020)27,592 25,556 
Accumulated other comprehensive income (loss)(1,147)(751)
Retained earnings63,642 56,233 
Total stockholders’ equity90,087 81,038 
Total liabilities and stockholders’ equity$167,962 $153,091 
See accompanying notes.
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Financial Statements  Consolidated Condensed Balance Sheets
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Consolidated Condensed Statements of Cash Flows
 
Nine Months Ended
(In Millions; Unaudited)
Sep 25, 2021Sep 26, 2020
Cash and cash equivalents, beginning of period$5,865 $4,194 
Cash flows provided by (used for) operating activities:
Net income15,245 15,042 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation7,357 7,925 
Share-based compensation1,587 1,393 
Restructuring and other charges2,597 146 
Amortization of intangibles1,361 1,311 
(Gains) losses on equity investments, net(1,113)(105)
Changes in assets and liabilities:
Accounts receivable(1,618)525 
Inventories(1,212)(570)
Accounts payable1,095 355 
Accrued compensation and benefits(16)(569)
Prepaid supply agreements(1,577)(91)
Income taxes(570)493 
Other assets and liabilities1,058 (361)
Total adjustments8,949 10,452 
Net cash provided by operating activities24,194 25,494 
Cash flows provided by (used for) investing activities:
Additions to property, plant and equipment(11,579)(10,392)
Additions to held for sale NAND property, plant and equipment(1,118) 
Purchases of available-for-sale debt investments(3,983)(6,323)
Maturities and sales of available-for-sale debt investments3,457 5,037 
Purchases of trading assets(26,343)(14,744)
Maturities and sales of trading assets18,813 11,227 
Other investing620 83 
Net cash used for investing activities(20,133)(15,112)
Cash flows provided by (used for) financing activities:
Issuance of long-term debt, net of issuance costs4,974 10,247 
Repayment of debt and debt conversion(500)(4,525)
Proceeds from sales of common stock through employee equity incentive plans1,016 897 
Repurchase of common stock(2,415)(12,229)
Accelerated share repurchase forward agreements
 (2,000)
Payment of dividends to stockholders(4,231)(4,215)
Other financing(900)605 
Net cash provided by (used for) financing activities(2,056)(11,220)
Net increase (decrease) in cash and cash equivalents2,005 (838)
Cash and cash equivalents, end of period$7,870 $3,356 
Supplemental disclosures of noncash investing activities and cash flow information:
Acquisition of property, plant, and equipment included in accounts payable and accrued liabilities$2,693 $2,752 
Cash paid during the period for:
Interest, net of capitalized interest$271 $459 
Income taxes, net of refunds$1,831 $1,986 
See accompanying notes.
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Financial Statements  Consolidated Condensed Statements of Cash Flows
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Consolidated Condensed Statements of Stockholders' Equity
Common Stock and Capital in Excess of Par Value
Accumulated Other Comprehensive Income (Loss)
Retained Earnings1
Total
(In Millions, Except Per Share Amounts; Unaudited)SharesAmount
Three Months Ended
Balance as of June 26, 20214,057 $26,655 $(1,095)$59,647 $85,207 
Net income— — — 6,823 6,823 
Other comprehensive income (loss)— — (52)— (52)
Employee equity incentive plans and other11 427 — — 427 
Share-based compensation— 543 — — 543 
Repurchase of common stock  —   
Accelerated share repurchase forward agreements—  — —  
Restricted stock unit withholdings(1)(33)— (4)(37)
Cash dividends declared ($0.70 per share)— — — (2,824) (2,824)
Balance as of September 25, 20214,067 $27,592 $(1,147)$63,642 $90,087 
Balance as of June 27, 20204,253 $25,516 $(1,152)$57,646 $82,010 
Net income— — — 4,276 4,276 
Other comprehensive income (loss)— — 212 — 212 
Employee equity incentive plans and other12 385 — — 385 
Share-based compensation— 452 — — 452 
Repurchase of common stock(166)(993)— (7,007)(8,000)
Accelerated share repurchase forward agreements— (2,000)— — (2,000)
Restricted stock unit withholdings(1)(25)—  (25)
Cash dividends declared ($0.66 per share)— — — (2,756)(2,756)
Balance as of September 26, 20204,098 $23,335 $(940)$52,159 $74,554 
Nine Months Ended
Balance as of December 26, 20204,062 $25,556 $(751)$56,268 $81,073 
Net income— — — 15,245 15,245 
Other comprehensive income (loss)— — (396)— (396)
Employee equity incentive plans and other52 1,015 — — 1,015 
Share-based compensation— 1,587 — — 1,587 
Temporary equity reduction—  — —  
Convertible debt—  — —  
Repurchase of common stock(40)(249)— (2,166)(2,415)
Accelerated share repurchase forward agreements—  — —  
Restricted stock unit withholdings(7)(317)— (60)(377)
Cash dividends declared ($1.39 per share)— — — (5,645)(5,645)
Balance as of September 25, 20214,067 $27,592 $(1,147)$63,642 $90,087 
Balance as of December 28, 20194,290 $25,261 $(1,280)$53,523 $77,504 
Net income— — — 15,042 15,042 
Other comprehensive income (loss)— — 340 — 340 
Employee equity incentive plans and other54 1,014 — — 1,014 
Share-based compensation— 1,393 — — 1,393 
Temporary equity reduction— 155 — — 155 
Convertible debt— (750)— — (750)
Repurchase of common stock(237)(1,413)— (10,696)(12,109)
Accelerated share repurchase forward agreements— (2,000)— — (2,000)
Restricted stock unit withholdings(9)(325)— (135)(460)
Cash dividends declared ($1.32 per share)— — — (5,575)(5,575)
Balance as of September 26, 20204,098 $23,335 $(940)$52,159 $74,554 
1The retained earnings balance as of December 26, 2020 includes an opening balance adjustment made as a result of the adoption of a new accounting standard in 2021.
See accompanying notes.
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Financial Statements  Consolidated Condensed Statements of Stockholders' Equity
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Notes to Consolidated Condensed Financial Statements
Note 1 : Basis of Presentation
We prepared our interim Consolidated Condensed Financial Statements that accompany these notes in conformity with U.S. GAAP, consistent in all material respects with those applied in our 2020 Form 10-K.
We have made estimates and judgments affecting the amounts reported in our Consolidated Condensed Financial Statements and the accompanying notes. The actual results that we experience may differ materially from our estimates. The interim financial information is unaudited, and reflects all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented. This report should be read in conjunction with the Consolidated Financial Statements in our 2020 Form 10-K where we include additional information about our policies and the methods and assumptions used in our estimates.
Note 2 : Operating Segments
We manage our business through the following operating segments:
CCG
DCG
IOTG
Mobileye
NSG
PSG
We derive a substantial majority of our revenue from platform products, which are our principal products and considered as one product class. We offer platform products that incorporate various components and technologies, including a microprocessor and chipset, a stand-alone SoC, or a multichip package based on Intel architecture. Platform products are used in various form factors across our CCG, DCG, and IOTG operating segments. Our non-platform, or adjacent products, can be combined with platform products to form comprehensive platform solutions to meet customer needs.
CCG and DCG are our reportable operating segments. IOTG, Mobileye, NSG, and PSG do not meet the quantitative thresholds to qualify as reportable operating segments; however, we have elected to disclose the results of these non-reportable operating segments. Our Internet of Things portfolio, presented as Internet of Things, is comprised of IOTG and Mobileye operating segments. In 2021, our DCG operating segment includes the results of our Intel® OptaneTM memory business, and our NSG operating segment is composed of our NAND memory business. Refer to "Note 8: Acquisitions and Divestitures" within Notes to Consolidated Condensed Financial Statements for further information on the pending divestiture of our NAND memory business.
We have an “all other” category that includes revenue, expenses, and charges such as:
results of operations from non-reportable segments not otherwise presented;
historical results of operations from divested businesses;
results of operations of start-up businesses that support our initiatives, including our foundry business;
amounts included within restructuring and other charges;
a portion of employee benefits, compensation, and other expenses not allocated to the operating segments; and
acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill.
The CODM, who is our CEO, does not evaluate operating segments using discrete asset information. Operating segments do not record inter-segment revenue. We do not allocate gains and losses from equity investments, interest and other income, or taxes to operating segments. Although the CODM uses operating income to evaluate the segments, operating costs included in one segment may benefit other segments. The accounting policies for segment reporting are the same as for Intel as a whole.








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Financial Statements Notes to Financial Statements
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Net revenue and operating income (loss) for each period were as follows:
Three Months EndedNine Months Ended
(In Millions)
Sep 25, 2021Sep 26, 2020Sep 25, 2021Sep 26, 2020
Net revenue:
Client Computing Group
Platform$8,954 $8,762 $27,968 $25,703 
Adjacent710 1,085 2,410 3,415 
9,664 9,847 30,378 29,118 
Data Center Group
Platform5,747 5,151 16,261 17,759 
Adjacent749 754 2,254 2,256 
6,496 5,905 18,515 20,015 
Internet of Things
IOTG1,042 677 2,940 2,230 
Mobileye326 234 1,030 634 
1,368 911 3,970 2,864 
Non-Volatile Memory Solutions Group1,105 1,153 3,310 4,150 
Programmable Solutions Group478 411 1,450 1,431 
All other81 106 873 311 
Total net revenue$19,192 $18,333 $58,496 $57,889 
Operating income (loss):
Client Computing Group$3,317 $3,554 $11,197 $10,621 
Data Center Group2,057 1,903 5,271 8,494 
Internet of Things
IOTG276 61 775 374 
Mobileye105 47 361 131 
381 108 1,136 505 
Non-Volatile Memory Solutions Group442 29 1,015 285 
Programmable Solutions Group76 40 246 217 
All other(1,046)(575)(4,398)(2,328)
Total operating income$5,227 $5,059 $14,467 $17,794 
Disaggregated net revenue for each period was as follows:
Three Months EndedNine Months Ended
(In Millions)
Sep 25, 2021Sep 26, 2020Sep 25, 2021Sep 26, 2020
Platform revenue
CCG desktop platform$2,983 $2,483 $8,262 $7,691 
CCG notebook platform5,953 6,275 19,655 17,976 
CCG other platform1
18 4 51 36 
DCG platform5,747 5,151 16,261 17,759 
IOTG platform948 595 2,679 2,008 
15,649 14,508 46,908 45,470 
Adjacent revenue2
3,543 3,825 11,588 12,419 
Total revenue$19,192 $18,333 $58,496 $57,889 
1    Includes our tablet and service provider revenue.
2    Includes all of our non-platform products for CCG, DCG, and IOTG such as modem, Ethernet, and silicon photonics, as well as Mobileye, NSG, and PSG products, as well as revenue included in our "all other" category.







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Financial Statements Notes to Financial Statements
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Note 3 : Earnings Per Share
We computed basic earnings per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period.
 Three Months EndedNine Months Ended
(In Millions, Except Per Share Amounts)Sep 25, 2021Sep 26, 2020Sep 25, 2021Sep 26, 2020
Net income available to common stockholders$6,823 $4,276 $15,245 $15,042 
Weighted average shares of common stock outstanding—basic4,061 4,188 4,055 4,233 
Dilutive effect of employee equity incentive plans25 23 34 36 
Weighted average shares of common stock outstanding—diluted4,086 4,211 4,089 4,269 
Earnings per share—basic
$1.68 $1.02 $3.76 $3.55 
Earnings per share—diluted
$1.67 $1.02 $3.73 $3.52 
Potentially dilutive shares of common stock from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the stock purchase plan.
Securities which would have been anti-dilutive are insignificant and are excluded from the computation of diluted earnings per share in all periods presented.
Note 4 : Contract Liabilities
Contract liabilities consist of prepayments received from customers on long-term prepaid supply agreements toward future product delivery and other revenue deferrals from regular ongoing business activity. Contract liabilities were $351 million as of September 25, 2021 ($1.9 billion as of December 26, 2020).
The following table shows the changes in contract liability balances relating to long-term prepaid supply agreements during the first nine months of 2021:
(In Millions)
Prepaid supply agreements balance as of December 26, 2020$1,625 
Concession payment(950)
Prepaids utilized(627)
Prepaid supply agreements balance as of September 25, 2021$48 
During the first quarter of 2021, we settled an agreement with our largest prepaid customer whose prepayment balance made up $1.6 billion of our contract liability balance as of December 26, 2020. We returned $950 million to the customer and recognized $584 million in revenue for having completed performance of the prepaid supply agreement. The prepaid supply agreement is excluded from the NAND memory business and is recorded as Corporate revenue in the first nine months of 2021 in the "all other" category presented in "Note 2: Operating Segments" within Notes to Consolidated Condensed Financial Statements.
Note 5 : Other Financial Statement Details
Inventories
(In Millions)
Sep 25, 2021Dec 26, 2020
Raw materials
$1,274 $908 
Work in process
6,304 5,693 
Finished goods
2,220 1,826 
Total inventories$9,798 $8,427 







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Financial Statements Notes to Financial Statements
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Interest and Other, Net